🔗 Share this article

In a recently unveiled memoir, called Ithaki, the ex- prime minister Tsipras pulls no punches while he revisits the chaotic period of Greece's financial crisis.

An Unconventional Appointment

As per the ex-PM's account, he selected the unorthodox economist Varoufakis as his treasury head primarily due to the latter's worldwide fame along with his highly compelling abilities as a public orator.

“He was, truthfully, more like a star and less of an economic expert,” recalled Tsipras.

Clashing Agendas

The former leader alleges how Varoufakis possessed his own motives which included advancing his publications as well as testing out his theories using Greece rather than genuinely advocating the country's financial survival.

He wrote how the discussions to avoid bankruptcy became “not just a method to secure improved terms for the country. They became a test, a monumental opportunity to prove the truth of his theories.”

Critical Negotiations

During volatile negotiations, Greece found itself dangerously close to leaving the eurozone.

On the line was not only the country's future but also the severe austerity policies demanded in return for financial aid by international creditors.

Failed Alternatives

Efforts to secure funds elsewhere, including a desperate plea to the Kremlin to purchase Greek bonds, went unanswered.

Assisting the indebted country was equivalent to throwing money in the trash-can, the Russian leader reportedly informed Tsipras during their meeting.

Referendum Followed by Reversal

That summer, those excoriating conditions were put to a popular referendum, an action that threw the EU into further existential crisis.

Even though the vote was carried decisively by those against the cuts, the prime minister had little option to ignore the result then negotiate a rescue deal with creditors that turned out to be even harsher.

Breaking Point

The ex-PM claimed how he began to doubt Varoufakis relatively soon.

“Varoufakis was the public image of the talks, the figure who drew media attention, who graced the covers of publications the world over … it seemed he relished the spotlight.”

After Varoufakis outlined a backup strategy that included establishing a secondary currency as well as distributing vouchers to retirees, the leader said he realised it was game over and asked him: “Is this for real?”

Lasting Rebuke

Within the book, the author asserts that Varoufakis had proved himself to be “unsuitable for an agreement demanding intricate and sensitive management.”

Tsipras also claimed how his aggressive approach left him increasingly isolated among peers, endangered the country, and helped hardliners who were pushing for Grexit.

This account of history has been met with anger along with stunned disbelief among certain groups, whereas the former minister has so far kept a conspicuous quiet on the matter.